Hospice Care Market Forecast 2023: Forecast Market Size, Drivers And Key Segments
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global hospice care market has seen remarkable growth, expanding from $3.67 billion in 2022 to $4.07 billion in 2023, showcasing a significant compound annual growth rate (CAGR) of 10.7%. Projections indicate a continued upward trajectory, with the market expected to reach $6.23 billion in 2027 at a CAGR of 11.3%. This surge in the hospice care sector is underpinned by several key factors, shaping the landscape of end-of-life care.
Rising Prevalence of Chronic Diseases Fuels Market Growth
- Chronic Diseases on the Rise:
- Chronic diseases, enduring conditions demanding ongoing medical attention, are proliferating.
- Factors include increased tobacco use, poor nutrition, physical inactivity, and excessive alcohol consumption.
- Hospice Care for Chronic Conditions:
- Hospice care is becoming a crucial choice for patients grappling with severe chronic illnesses, notably cancer.
- The American Action Forum reports a concerning increase in chronic disease prevalence and associated costs in the United States.
- Economic Impact of Chronic Disease:
- The annual cost of chronic diseases in the U.S. amounts to $3.7 trillion, representing around 19.6% of the country’s GDP.
- As disease prevalence among young demographics rises, the economic burden is expected to persist.
Key Players Shaping the Hospice Care Landscape
- Leading Industry Participants:
- Covenant Care, Kindred at Home, PruittHealth, and others play pivotal roles in the hospice care market.
- Organizations such as the National Hospice and Palliative Care Organization and the Alzheimer’s Association contribute significantly.
Embracing Technological Advancements in Hospice Care
- Tech Penetration:
- The integration of new technology stands out as a significant trend in the hospice care market.
- Major companies, including Amedisys Inc., are leveraging innovative solutions to enhance patient care.
- Machine Learning for Proactive Care:
- Amedisys Inc. adopted Medalogix’s Muse in February 2022, utilizing machine learning to predict patient transitions.
- Muse helps identify patients needing enhanced care earlier, ensuring appropriate levels of home care throughout their illness.
Market Segmentation for Comprehensive Care
- By Type:
- Nursing Services
- Medical Supply Services
- Physician Services
- Other Types of Services
- By Application:
- Home Settings
- Specialty Nursing Homes
- Hospice Care Centres
- North America Leading the Way:
- In 2022, North America emerged as the largest region in the hospice care market.
- The region’s advanced healthcare infrastructure and increasing awareness contribute to its prominence.
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The Hospice Care Global Market Report 2023 provides a comprehensive overview on the hospice care market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the hospice care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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